Landsbanki money recovered
The Police and Crime Commissioner (PCC) for Thames Valley has sold its claim against the insolvent estate of the Icelandic Bank, Landsbanki Islands (LBI).
The claim was sold through a competitive auction process. The price at which the claim was sold was based on a reserve price set by the PCC on the basis of legal advice received from Bevan Brittan, financial advice procured by the Local Government Association and the PCC’s own analysis of the financial position.
The proceeds of the sale were paid in cash in Pounds Sterling and those funds have already been received by the PCC. The sale means that the PCC has now recovered £4.8m (or 96%) of the £5 million that was originally deposited with LBI in 2008.
The sale of our claim represents a clean break. The PCC for Thames Valley is now no longer a creditor of LBI.
Anthony Stansfeld, Police and Crime Commissioner for Thames Valley said: “I am delighted that we have recovered a very large portion of our LBI deposit. This is a good result for both Thames Valley Police and for residents in the Thames Valley.”